VC fundraising in a post-‘supercycle’ era: a Perspective

Until a couple of years ago, nearly every new biotech venture fund I’d written about was the largest yet for the firm that raised it. But lately, it appears some biotech VCs have hit a ceiling, capping their new funds at or below the amount of their previous vehicles. 

Three years into a tough slog for biotechs, some firms are resetting expectations. It isn’t clear which changes in the life sciences marketplace will be permanent and which are merely cyclical, but some VCs’ fundraising clearly reflects their adjustments...